UPI: Big news for UPI users. Axis Bank has introduced a new tool for its clients, enabling them to establish and regulate their own transaction thresholds for various UPI payments. This feature, known as UPI Limit Management, empowers customers to customize limits for different types of UPI transactions via the Axis Mobile Banking app, covering person-to-person payments, domestic merchant payments, and international transactions.
The bank has not specified the maximum limit customers can set, but they can adjust their limits based on their individual payment requirements. Initially accessible to specific customers, this feature will eventually be extended to all users.
How does this feature differ from the current UPI limits?
UPI transactions are subject to predefined limits within the UPI framework, which can be further restricted by individual banks. Axis Bank notes that UPI limits differ based on the bank and relevant regulations. The new feature permits customers to establish a limit on top of these existing restrictions, granting them the flexibility to set a lower threshold within the maximum limit set by the bank or UPI network.
For instance, customers who typically make small payments can opt for a lower limit for person-to-person transactions, minimizing the risk of unauthorized or accidental large payments. Notably, the limit set in the Axis Mobile Banking app will apply universally to all UPI apps linked to a customer’s Axis Bank account, not restricted to transactions solely within the Axis Bank app.
Customers can monitor or modify their payment limits through various options in the mobile banking app, such as Quick Links, Security Center, UPI Module, and Control Center, with adjustments requiring verification via a mobile PIN and one-time password.
Additionally, Axis Bank has rolled out a facility for eligible credit cardholders to declare their international travel plans, aiding the bank in assessing foreign card transactions for fraud prevention and risk management. This proactive approach aims to differentiate legitimate overseas transactions from suspicious ones, potentially averting delays in genuine card payments during foreign travel.
Both features contribute to enhancing Axis Bank’s digital banking and payment services, with the UPI Limit Management feature particularly beneficial for customers seeking personalized spending limits for different UPI transactions.